Sony CEO Kazuo Hirai spoke at a conference with the media after the Sony Consumer Electronics Show presentation. Hirai was asked several questions mainly focusing about Sony's TV division, but he was also asked about the PlayStation Vita.

The Wall Street Journal asked about how well the PlayStation Vita is selling. Hirai answered that sales are at the low end of what was expected, but that it takes five to 10 years before it can be considered a success or failure.

"I would say it’s on the low end of what we expected," said Mr. Hirai. "Long term is what is important."

PlayStation Vita sales have fallen far below its main rival, the 3DS, but it doesn't have to outsell it to be considered a success. According to the latest VGChartz figures the PlayStation Vita has just passed four million units sold. There have also been just over 10 million games sold for the handheld.

It took the PlayStation 3 a couple of years to get its footing, so it may take the PlayStation Vita that long to gain a foothold. The PlayStation 3 after its rough start has since become a success selling more than 70 million units to date and still growing.

The PlayStation 3 has been profitable for the last 2 to 3 years on multiple fronts. However, the system did lose an estimated 4 billion dollars from launch to 2009. Even with the PS2 and PSP pulling in profits alongside the losses.
The only thing that would be losing money right now is the R&D for the PS4 with the PlayStation Vita. But I think I read that the Vita is sold around cost, so it could be profitable.

if you need to wait 10 years to comment on a consoles success or failure... does this mean we're only allowed just now to decided if the Gamecube failed or not? since it came to EU in 2002 :< I don't really think it takes that long to notice that a product has been discontinued in all stores for over 6 years surely?

Kaz Hirai, master of corporate spin lol. He should have a show on Fox News that's how good he is. Maybe he should ask Sega if the dreamcast was a success or failure after 5-10 years lol. If Sony other divisions weren't losing hundreds of millions too that could easily cover the losses of another high performance system, but since the company is such hard financial times its not really feasible and might sink the whole company if the PS4 is another console with too much tech and too high a of cost.